The Mexican currency was trading at 18.8476 per dollar, with an appreciation of 0.54% against Banxico’s closing price on Wednesday, its best level since February 2020.
Shortly after the data, Philadelphia Fed President Patrick Harker said the final stage of the central bank’s hike campaign was in sight.
“For investors, the data consolidates another downward step in the Fed’s tightening pace and speculation is growing that a pause in restrictive monetary actions is near,” CI Banco firm said in a report.
With Thursday’s movement, the peso has advanced six days, its best streak since June 2022, and in which it accumulates an appreciation of 2.9%.
“Signs point to more gains for the peso. The next support zone is located at 18.75 pesos per dollar and then comes the minimum level of 2020, located at around 18.50. A rebound, as long as it is contained below 19.15, should not change the current favorable trend for the peso”, OctaFX analysts pointed out.
The Mexican peso, which last year became one of the best performing global currencies against the dollar, accumulated a return of 3.4% in the course of 2023.
With information from Reuters.